A. The Treasurer of the State Board of Education shall receive and account for all moneys to which it is entitled by law and which may come into its possession. The Treasurer shall deposit the public moneys received in the name of the State Board of Education in such incorporated bank or banks as designated by the Treasurer of Maryland. The Treasurer shall pay out all moneys in accordance with disbursement procedures established by the State Comptroller. The Treasurer shall keep accurate accounts of all moneys received and expended, shall preserve the accounts and all vouchers, and shall deliver all accounts and vouchers to his or her successor in office. The accounts shall be open, at all times, to inspection by members of the Board or any other persons directly interested in the accounts.
B. The Treasurer shall indicate in account books the particular source from which each item of income is received and shall keep separate accounts of the several funds for which he or she is responsible. The Treasurer shall record the purpose of each expenditure, and the vouchers for all expenditures shall likewise show the purpose of each expenditure separately.